Finance minister hails IZB
WE want other Government investments (Parastatals) to emulate Indo Zambia Bank (IZB) by expanding strategically and making profits so that we could meet our job-creation and social sector expenditure needs, says Finance Minister Situmbeko Musokotwane.
Dr Musokotwane applauded the Bank’s governance structure and added that their modus-operandi had been an effective instrument in enabling the institution to favourably compete in the financial market.
He told Indo-Zambia Bank chairman Dr Michael Gondwe and his delegation during a bilateral meeting held at the Ministry Headquarter in Lusaka that the bank was one of the greatest Government investment stories because the institution had been growing and positing profits consistently, for many years.
The minister seized the opportunity to request IndoZambia Bank and other key players in the economy to initiate international investment promotion programmes, to help market the country’s investment prospects to the global community.
And Dr Gondwe acknowledged the country’s economic challenges but stated that the transformative nature of the 2022 National Budget had set-out the roadmap for economic rebound, clearly.
Dr Gondwe pledged the readiness of Indo-Zambia’s Joint Venture Partners, Board, Management and Staff, to collaborate with the Government and ensure that the Bank aligned its strategy with the priorities set in the 2022 National Budget.
And the Bank’s Managing Director Kowadichah Shashidar outlined the performance of the Bank over the last five years.
He stated that the Bank posted a 340% growth in total assets from K2.9 billion in 2016 to K10 billion in 2020; 301% growth rate in the total business i.e. from K3.08 billion to K9.27 billion;163% growth in the Bank’s total equity i.e. from K0.70 billion to K1.14 billion. Over the same period, the operating profit of the Bank has grown by 360% from K129 million to K465 million. Net Profit has grown by 253% from K83 million to K210 million.